Taxes have always been among the hardest things to do, whether you’re running an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is filled with tasks to complete. In the event that you do not have the budget to employ an accountant, performing the task on yourself can be risky. If you overlook one thing, you might have to do it all over again!
Most people want to skipping this step. But since it’s required to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can help you. While this is a long read it is possible to gauge whether TaxJar is what you need right now.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Maryland
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. In addition, you can apply it across all of your sales channels to ensure compliance with your sales taxes. It makes the process simpler that could take days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by business owners who run online businesses to make their business more organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the most important things you’ll need to make sure is that your accounting tax platform seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you must ensure that everything is in order. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to show your critical data in one location. This means that there is no requirement to collect data in multiple channels and then organize it on a single platform. All you have to do is integrate TaxJar it will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to submit their sales tax by hand or using the AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect the sales channels you use. Once the time comes for filing income tax returns TaxJar will train you on managing the tax returns. But, it is up to you and your staff to complete the process within the timeframe. TaxJar is only there to help you understand what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. With this feature, everything will be automated, from calculating taxes on sales in order to record and process them. There could be additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your staff can access everything you need, like an inventory of your transactions, reports and data.
The greatest benefit of this option is the fact that it lets you to update your account automatically each day. Not only can they help you keep track of how much you’ve earned, but they also help you determine when your next payment is due.
The dashboard allows users to view in detail the total sales tax for your business. Additionally, you can export the data to a CSV file if you need it for your process of financial planning and accounting or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of your sales channels. This means that you don’t have to hunt for your paperwork whenever you’re in a pinch. Even when you already have your accountant, this function will make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll know better how much budget you have to cover other operational expenses.
The best part is that TaxJar provides training and tutorials not only for their platform but everything connected to sales tax. Check out their webinars, guides, or blog posts for additional details. Additionally the sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they can be too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing structures and the features that each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most effective plan if you need help in filing and reporting. It comes with sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a smaller business owner, this plan could be ideal for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
You can also contact their customer support via their email support chart. You’ll also have access to their integration features.
If you’re looking for something a bit more than just the basic features Professional may be the best option for you. The price starts at $99 but it can go higher when you add additional features.
How different is it from the original plan?
In addition to accessing all of the Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge business, you might need to choose premium plans instead. It includes all of the features needed to help with your taxes. In addition, they offer unlimited integrations with data imports, API integrationsfor team members, and AutoFiles.
They also have a team dedicated for managing the account. But, they don’t divulge the price of the Premium plan. costs you. TaxJar Maryland
However, they did say that this plan is tailor-fit for each user. So the costs will vary in line with what you require to run your business.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is right for you. If you’re still considering various options, they provide a 30-day free trial. It should give you enough time to determine whether the service is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you must know about TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the pros and cons of the use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only can it assist you in keeping track of your products and revenue however, it will assist you in meeting the deadlines you set. It is also a great option for accountants as they offer tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar will help you get more done while keeping track of every deadline and requirement you have to meet. If you’re in an area with complex tax laws, this can certainly help you to get your mind around it. TaxJar Maryland
If handling your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. If you find the entire procedure easy to complete then you’re better in doing it all on your own.
FAQ TaxJar Maryland
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it into USdollars before TaxJar can calculate your tax.